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NEW YORK ( TheStreet) -- "I'm giving this market the benefit of the doubt," Jim Cramer told his "Mad Money" TV show viewers on Monday.

He said after a run of notable achievements, including a recent streak of stellar up days, the markets should be forgiven for giving back some of its gains.

Why is Cramer still bullish? He said the huge number of 52-week highs is a good place to start. Cramer said stocks like his F.A.D.S.C.A.N. group of high-growth stocks are delivering tremendous gains.

They include F5 Networks ( FFIV), up 50%; ( AMZN), up 81%; Deckers ( DECK), up 96%; and ( CRM) up 66%. He said these stocks have delivered their gains in the face of Chinese inflation, Greek debt default and an earthquake, tsunami and nuclear crisis in Japan.

Cramer said he's also bullish because the markets have had a 7% run recently, and that means some profit-taking in certainly in order. He said there are still problems out there, like the U.S. debt ceiling issue, but others, like the newly minted Italian debt concerns, may be overblown.

Cramer said the market need to be forgiven for a few down days, they've certainly earned them.

Out of the Doghouse

With the first half of 2011 now in the books, Cramer scoured the S&P 500 index to see which, if any, of the 15 worst performers deserve to be left out of the doghouse. Cramer identified three stocks that he says are now ready to run and should be bought.

First on the list was Monster Worldwide ( MWW), a stock that's down 39% for the year. Cramer said his recommendation of Monster back in April has proven to be wrong, but with employment showing some signs of life, now might actually be the time to invest in Monster.

Cramer noted that most labor and employment reports are lagging indicators and only tell us what we already know, that hiring did not pick up in the first half of 2011. But with retail sales and other leading indicators on the rise, Cramer said employment shouldn't be far behind. He said Monster is constantly reinventing itself, and with stocks like LinkedIn ( LNKD) selling at 20 times sales, Monster, selling at just two times sales, is a steal.

Then there's Janis Capital ( JNS), a stock that's down 27% for the year. Cramer said this investment firm which caters to investors of all types does poorly in ugly markets, but the second half of 2011 should bode well for Janus.

He said after a string of six different CEOs, Janus now has a solid management team that's cleaning up the balance sheet, returning its debt to investment grade and boosting the company's dividend to 2%. Cramer said this turnaround is for real and Janus is once again a contender.

Cramer saved his top S&P laggard for after the commercial break.

Coal Play

Cramer said his "top dog" in the bottom of the S&P 500 is Alpha Natural Resources ( ANR), a stock that's down 25% on the year.

Cramer last featured Alpha on March 17, identifying the company as his third favorite coal play. But with shares having fallen so much, Cramer said Alpha now tops his list. He said while the skeptics focus on perceived weakness in the macro- economic picture, a bottom's up approach to Alpha shows a company in high demand.

Not only is there still high demand for coal in the developing world to make electricity, but there's also a great need for metallurgical coal for steel production. Alpha's recent acquisition of Massey Energy was a terrific move and now lets Alpha focus on whichever coal is the most profitable at the time, he said.

Cramer said Alpha also scored a win as new EPA regulations did not call for the shuttering of older coal mines. He said these new regulations, now that they are known, will no longer overhang the coal industry. Coal also has the endorsement of President Obama, and that can't be bad, he said.

Alpha is also drawing a line in the sand, he said, buying back its stock. Cramer said this is a signal to investors that company management feels the stock is simply too low.

Positive Tailwinds

Cramer said there's one thing he loves in Cramerica, and that's a broken stock that doesn't have a broken company to go with it. One such stock is that of the Jones Group ( JNY), an apparel maker that's just one point off its 52-week low.

Cramer said that things simply aren't that bad at Jones, and with the stock down 31% for the year, this stock is poised to rebound and catch up to its peers. He said the recent weakness caused by an analyst downgrade was misdirected.

Cramer said while the report cited the vanishing middle class as worrisome for Jones, he said the report failed to recognize the company's acquisition of Kurt Geiger, a high-end brand out of Europe. With the acquisition, Cramer said Jones is gaining 0% international exposure as well as elevating itself out of the middle-class doldrums.

Cramer also noted that with a 49% fall in cotton prices from their highs, Jones is also poised to capitalize on these lower prices and will see a marked bump in gross margins as a result. He said with these positive tailwinds, Jones certainly deserves more than a $1 billion marketcap, given its $3.6 billion in sales.

Shares of Jones trade at just 7.8 times earnings despite the company's 9% growth rate, while peers like VF Corp ( VFC), trade near 14 times earnings.

Lightning Round

Cramer was bullish on Continental Resources ( CLR).

He was bearish on MIPS Technologies ( MIPS), SanDisk ( SNDK), OfficeMax ( OMX)and Staples ( SPLS).

Closing Comments

"Bulls make money, bears make money, but pigs get slaughtered," Cramer reminded viewers, as he opined on SodaStream ( SODA), a stock that's up a stunning 125% since Cramer first recommended it.

Cramer said making money in SodaStream has simply gotten too easy, and he said he would be locking in profits at these levels. He said while the SodaStream product is great, the stock could fall victim to down drafts as investors who got in at $50 a share begin to cash out. Cramer said he still likes the stock and the company, but wouldn't get in until much lower levels.

--Written by Scott Rutt in Washington, D.C.

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At the time of publication, Cramer was not long any equities mentioned.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for, Inc., and CNBC, and a director and co-founder of All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of or its affiliates, or CNBC, NBC UNIVERSAL or their parent company or affiliates. Mr. Cramer's opinions are based upon information he considers to be reliable, but neither, nor CNBC, nor either of their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Cramer's statements are based on his opinions at the time statements are made, and are subject to change without notice. No part of Mr. Cramer's compensation from CNBC or is related to the specific opinions expressed by him on "Mad Money."

None of the information contained in "Mad Money" constitutes a recommendation by Mr. Cramer, or CNBC that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. You must make your own independent decisions regarding any security, portfolio of securities, transaction, or investment strategy mentioned on the program. Mr. Cramer's past results are not necessarily indicative of future performance. Neither Mr. Cramer, nor, nor CNBC guarantees any specific outcome or profit, and you should be aware of the real risk of loss in following any strategy or investments discussed on the program. The strategy or investments discussed may fluctuate in price or value and you may get back less than you invested. Before acting on any information contained in the program, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial or investment adviser.

Some of the stocks mentioned by Mr. Cramer on "Mad Money" are held in Mr. Cramer's Action Alerts PLUS Portfolio. When that is the case, appropriate disclosure is made on the program and in the "Mad Money" recap available on The Action Alerts PLUS Portfolio contains all of Mr. Cramer's personal investments in publicly-traded equity securities only, and does not include any mutual fund holdings or other institutionally managed assets, private equity investments, or his holdings in, Inc. Since March 2005, the Action Alerts PLUS Portfolio has been held by a Trust, the realized profits from which have been pledged to charity. Mr. Cramer retains full investment discretion with respect to all securities contained in the Trust. Mr. Cramer is subject to certain trading restrictions, and must hold all securities in the Action Alerts PLUS Portfolio for at least one month, and is not permitted to buy or sell any security he has spoken about on television or on his radio program for five days following the broadcast.

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